Research & Analysis

At the end of the 1st half of 2021, Cosumar posted an increase in its consolidated revenue of +2.9% to MAD 4,382 Mn driven by the recovery in “out of home” consumption following the easing of restrictions on mobility.

Following our survey conducted in September, we have identified investors' expectations toward the evolution of the Moroccan central bank key rate on the sidelines of its 3rd meeting of Q3-21.

In a context marked by a solid recovery in domestic cement consumption of +24.4% at the end of June 2021, CIMAR recorded an increase in its consolidated revenue of +17.0%, from MAD 1,696 Mn in H1-20 to MAD 1,985 Mn in H1-21. 

As anticipated in the first quarter (Cf. Research paper -Taqa Morocco Q1-21 results), the half-year revenue of TAQA Morocco fell by -13.7% in H1-21 to MAD 3,465 Mn.

The dollar appreciates against a basket of reference currency carried by its status of safe haven in a context of strong risk aversion.

After a -10.2% drop in Label Vie's revenue during Q1-21 following the effect of over-stocking which marked the Q1-20, the distributor showed a recovery of +9.6% of its revenue at the end of this 2nd quarter.

The release of Mutandis H1-21 results takes place in a particular context. On the one hand, the Group announced a few months ago the acquisition of the company Season based in the United States.

The dollar recovers its two-week losses. The euro fell again and posted a weekly change of -0.56% to 1.1814.

The euro crosses the $ 1.18 threshold, i.e. a weekly performance of + 0.72% at 1.1880.